I'm a Nintendo guy myself, but looking at these two consoles, I'd put my money on the PS5. Out of Sony's last 4 consoles, 3 were very dominant in terms of both sales and quality of games. In a funny sort of way, Microsoft have probably made more progress during this generation. The Xbox One launch was a total disaster, but from that unpromising start they've clawed a lot ground back over time, at least in terms of perception if not sales. If you were buying a new console today and all games were cross platform, you'd probably go Microsoft.
Unfortunately for Microsoft, there's more to it than cross platform games. Sony are now in the lucky position of having a handful of exclusives that are good enough for some people to buy the console for alone. The same way I buy Nintendo to play Zelda and Mario, some users will buy a Playstation to play God of War or Uncharted. Indeed, I saw
this the other day, a list of the most highly ranked exclusives for each current gen platform (including Switch).
Out of 40 games only 6 were for the Xbox, and 3 of those were Forza games. 20 were for the PS4.
Microsoft obviously recognise this and have been snapping up exclusive developers, so that could turn around. But they definitely have it all to do. The safe buy would be the PS5.